Albany, NY -- (SBWIRE) -- 09/06/2018 -- A copious number of international and regional players compete against one another in the global biopreservation market. They are seen extending their product lines in order to surge ahead of their competitors. They are also seen competing on the basis of factors such as price and brand building. This makes competition quite intense in the market.
Some of the prominent participants in the global market for biopreservation are BioLife Solutions Inc., Thermo Fisher Scientific Inc., VWR International LLC, BioCision LLC, Biomatrica Inc., Panasonic Corporation, Qiagen, and LABVANTAGE Solutions Inc.
Transparency Market Research recently prepared a report on the market for biopreservation in which it states that by rising at an impressive pace, the market would attain a value of US$5.7 bn by 2019.
Depending upon equipment, the key segments of the global market for biopreservation are refrigerators, freezers, liquid nitrogen (LN2) tanks, and consumables. Among those, the segment of consumables is growing at the fastest clip owing to the surging demand for cryo bags, cryo vials, cryogenic boxes, cryo tubes, gloves, and others. From a geographical standpoint, Asia Pacific takes the leading position vis-à-vis growth. This is mainly because of the massive unmet medical demand and rising occurrence of disease in the region. In addition, the rising spends on healthcare and upcoming biobanking projects will also stoke the market in the region in the near term.
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Thrust on New Drugs and Therapies Promotes Market
At the forefront of driving growth in the global market for biopreservation is the rise of biomedical research for new drugs and therapies. This is because the growing utilization of tissues, stem cells, plasma and DNA in cutting-edge research also necessitates proper storage facilities to accommodate samples and maintain their stability. Hence, refrigerators, freezers, consumables, and liquid nitrogen are much in demand along with media and laboratory information management system (LIMS).
Biopreservation finds application in biobanking, regenerative medicine, and drug discovery. Of them, biobanking drives most of the demand in the market owing to the nod given to the procedure by emerging nations' governments in Asia Pacific, Latin America, and Africa. Regenerative medicine too is pushing up demand owing to the increasing demand for biospecimens needed in research and therapy.
Need for Superior Preservation Methods Drives Demand
Elaborates the lead analyst of our report, "Pressing need for superior preservation methods and continued rise in healthcare allocation has been fuelling the biopreservation market. Pharmaceutical companies, hospitals, and biotechnology firms these days are increasing opting for in-house storage of samples and this is expected to offer a considerable fillip to the market. Besides, increasing research and development spends by major companies and research communities leading to advent of ultra-sophisticated products such as virtual bio-banks, is expected to promote the market further."
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Overall, the market for biopreservation has been boosted majorly so far on account of North America where most of the key organizations in the field are domiciled. In addition, the swift uptake of automated process in the region has resulted in spike in demand for LIMS. However, going forward, Asia Pacific is expected to surpass North America market in terms of demand for equipment and media.
About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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